The central government of India is planning to introduce 26 new bills in Parliament in the Winter Session. Scheduled to start from November 29 and conclude on December 23 among the bills lined up is the country’s first bill to regulate Cryptocurrencies.
The bill aims to create a facilitative framework for the creation of the official digital currency issued by RBI.
The bill also seeks to prohibit private cryptos in India, however, it allows for certain exceptions to promote the underlying tech of crypto and its uses.
The development comes after the maiden parliamentary panel on cryptocurrencies led by Jayant Sinha, BJP MP and former Union Minister, gathered views from the representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders on crypto finance on 16 November 2021.